E 57th St / Madison Ave median real estate price is $6,132,876, which is more expensive than 99.8% of the neighborhoods in New York and 100.0% of the neighborhoods in the U.S.
The average rental price in E 57th St / Madison Ave is currently $6,375, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 98.6% of the neighborhoods in New York.
E 57th St / Madison Ave is a densely urban neighborhood (based on population density) located in New York, New York.
E 57th St / Madison Ave real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the E 57th St / Madison Ave neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1970 and 1999.
Vacant apartments or homes are a major fact of life in E 57th St / Madison Ave. The current real estate vacancy rate here is 48.2%. This is higher than the rate of vacancies in 98.6% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (35.5%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 1.7% of America's neighborhoods are wealthier than the E 57th St / Madison Ave neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, E 57th St / Madison Ave also has one of the lowest ratings of child poverty in the nation.
In addition, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the E 57th St / Madison Ave neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 100.0% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the E 57th St / Madison Ave neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.
Also, some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 56.4% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 99.6% of U.S. neighborhoods, where the average American neighborhood has 13.7% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.
In the E 57th St / Madison Ave neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 46.0% of residents here. This is a higher proportion of walking commuters than we found in 99.8% of American neighborhoods. Get ready to put on your walking shoes if you move here!
American households most often have a car, and regularly they have two or three. But households in the E 57th St / Madison Ave neighborhood buck this trend. 69.9% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.6% of U.S. neighborhoods.
One of the really unique and interesting things about the look and setting of the E 57th St / Madison Ave neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 96.8% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 99.4% of all neighborhoods in America.
In addition, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 48.2% of the residential real estate vacant, the E 57th St / Madison Ave neighborhood claims the distinction of having a higher vacancy rate than 98.6% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.
Furthermore, being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the E 57th St / Madison Ave neighborhood is one of the most walkable neighborhoods in America.
The E 57th St / Madison Ave neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 97.8% of the neighborhoods in America. In fact, 75.8% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.
Did you know that the E 57th St / Madison Ave neighborhood has more Russian and Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 12.3% of this neighborhood's residents have Russian ancestry and 3.5% have Romanian ancestry.
E 57th St / Madison Ave is also pretty special linguistically. Significantly, 4.3% of its residents five years old and above primarily speak Japanese at home. While this may seem like a small percentage, it is higher than 99.6% of the neighborhoods in America.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the E 57th St / Madison Ave neighborhood in New York are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 98.3% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the E 57th St / Madison Ave neighborhood, 75.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 14.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.9%), and 6.6% in government jobs, whether they are in local, state, or federal positions.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the E 57th St / Madison Ave neighborhood is English, spoken by 78.5% of households. Other important languages spoken here include Polish, German/Yiddish, Japanese and Langs. of India.
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the E 57th St / Madison Ave neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Russian (12.3%). There are also a number of people of Italian ancestry (11.2%), and residents who report English roots (10.8%), and some of the residents are also of German ancestry (9.2%), along with some Asian ancestry residents (6.3%), among others. In addition, 28.5% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in E 57th St / Madison Ave neighborhood spend under 15 minutes commuting one-way to work (48.5% of working residents), one of the shortest commutes across America.
Here most residents (46.0%) hop out the door and walk to work to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (13.9%) and 10.6% of residents also drive alone in a private automobile for their daily commute. This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.
